…early without penalty. One new SECURE 2.0 account saving/withdrawal option, however, may actually help to begin reversing the retirement savings shortfall by changing participants’ mindsets and behaviors toward early withdrawals. Our Retirement Savings Crisis For years, studies have been substantiating a retirement savings crisis among…
How does a plan sponsor benefit from its advisor being CEFEX…
What does it mean for a Third Party Administrator to be…
How does an advisor benefit from partnering with a CEFEX-certified TPA? And why is it important? Listen in to find out…
Most CEOs and other executives just want to run their businesses. Whether they help run a factory, a consulting firm, or a school, they’d prefer to focus on what they are best at: leading, serving, and building their business. Most are not interested in becoming…
In this article we review the Department of Labor’s (DOL) recently (January 29, 2024) proposed regulation implementing SECURE 2.0’s statutory prohibited transaction exemption for automatic portability transactions that meet certain conditions. Automatic portability is, in effect, a “different way” to implement mandatory distributions (distributions of…
As we embark on yet another “testing season” for retirement plans, we are again reminded of all the ways that employers may run afoul of numerous compliance rules. Of course, compliance concerns may arise at any time, but this time of the year reinforces the…
Cash balance plans seem to be getting a lot of attention recently. And for good reason. They can provide substantial benefits—both immediate and long-term—to employers. Plus, they offer employees a clearer picture of their retirement benefits than traditional defined benefit plans. Here we will take…
Despite all the 401(k) media attention and national plan fiduciary discussion, plan sponsors continue to make very common mistakes year over year that are relatively easy to identify, fix and avoid, with the right help. Mistakes can be opportunities to improve existing retirement plans for…
Many financial organizations tout the benefits of their ERISA 3(16) fiduciary services and, frankly, many of these messages can sound irresistibly compelling. But buyer beware; not all 3(16) fiduciary services are created equal. In today’s increasingly litigious environment, it is imperative for plan sponsors to…
The Department of Labor (DOL), Internal Revenue Service (IRS) and Pension Benefit Guaranty Corporation (PBGC) have extensive reporting and disclosure requirements for qualified retirement plan officials. These reporting and disclosure requirements serve the important function of educating and supporting participants in their retirement planning journey,…